The Financial Conduct Authority on Friday, July 3, 2026, released The Mills Review, a study commissioned by the Board and led by executive director Sheldon Mills examining how AI could reshape UK retail financial services by 2030 and beyond. The FCA says it is the first review of its kind started by a regulator anywhere in the world.
The review sets out four AI-driven shifts: the transformation of firm operations, the evolution of consumer journeys, changes to competition and market power, and the amplification of fraud and cyber risks.
Survey data commissioned by the FCA showed that 20% of UK retail financial services consumers, equivalent to 11 million adults, are likely to use AI able to act autonomously within preset goals. Yonder Consulting ran the survey in April 2026 and covered more than 5,000 consumers.
Of the seven recommendations, the review urges the FCA to secure and adapt its regulatory perimeter, monitor the move to autonomous models and lay the foundations for agentic finance.
The FCA said its approach remains principles-based and outcomes-focused, relying on the Consumer Duty and Senior Managers Regime rather than AI-specific regulation. It plans to publish examples of good and poor practice later in 2026, building on its existing AI Lab and live-testing programme.
